Spice Communications, the Indian wireless arm of Telekom Malaysia, raised INR5.2 billion (USD128 million) in its initial public offering. The 113.1 million new shares were priced at INR46 each, the top end of the range offered, Spice has revealed in a statement. The sale was oversubscribed more than 37 times, according to data from the Bombay Stock Exchange. The shares will probably be listed either on 19 or 20 July, according to Company Secretary Preeti Malhotra. Telekom Malaysia will own about 39% of the Indian wireless company after the share sale, while New Delhi-based BK Modi Group and its affiliates will own 41%.
Spice Communications was established in 1997 and holds licences to operate in the Punjab and Karnataka circles. It offers pre- and post-paid GSM call plans under the Spice Telecom banner aimed largely at the youth market. Spice has been one of few operators in India to operate solely on the markets that it originally launched in, but is now looking to cash in on the country’s telecoms boom and has applied to expand its services nationwide.